Inozyme Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) to Newly Appointed Chief Operations Officer
BOSTON, April 04, 2023 (GLOBE NEWSWIRE) -- (Nasdaq: INZY), a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of pathologic mineralization and intimal proliferation, today announced the grant of an inducement award outside of the Company’s 2020 Stock Incentive Plan to its newly appointed Chief Operations Officer, Matthew Winton, Ph.D. The inducement award was approved by the Board of Directors effective as of April 3, 2023, pursuant to the Company’s 2023 Inducement Stock Incentive Plan, as an inducement material to Dr. Winton entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement grant is a nonstatutory option to purchase up to 250,000 shares of the Company’s common stock, at an exercise price of $5.39 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on April 3, 2023. The option has a 10-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of Dr. Winton’s start date and 2.0833% of the shares underlying the option vesting monthly thereafter, subject to his continued service to the Company through the applicable vesting dates.
About Inozyme Pharma
Inozyme Pharma, Inc. (Nasdaq: INZY) is a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases impacting the vasculature, soft tissue, and skeleton. We are developing INZ-701, an enzyme therapy, to address pathologic mineralization and intimal proliferation which can drive morbidity and mortality in these severe diseases. INZ-701 is currently in Phase 1/2 clinical trials for the treatment of ENPP1 Deficiency and ABCC6 Deficiency.
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